Future Retail terminates deal to roll out 7-Eleven stores in India
- ByManjeet Singh | October 6, 2021
A contract for the establishment of 7-Eleven stores in India has been terminated by the global convenience store chain 7-Eleven INC and Future Retail.
In a reply to the exchanges on Tuesday, debt-strapped Future Retail informed them that the termination had been reached by mutual consent since its target of opening stores and paying franchise fees could not be met. As this arrangement was at the level of a subsidiary company, it had no financial impact or business impact on the Company.”
7-Eleven, which operates convenience stores in 17 countries, has signed a master franchise agreement with Future Retail Ltd’s subsidiary, SHME Food Brands Pvt Ltd, to develop and operate 7-Eleven outlets in India. Modi Enterprises, a Delhi-based company, has been in talks with TPG since 2004 about entering the Indian market. The Future Retail agreement with 7-Eleven was signed in February 2019.
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